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Another day, another article about the troubled Plaza Retail Collection, the mall of varied luxury brands located underneath the Plaza Hotel. This time it's the Post who weighs in about the shopping space's dire situation, and they trot out everyone's favorite retail broker Faith Hope Consolo to back up their points. The article doesn't even come close to Vanity Fair's extensive takedown, but it does provide an interesting new twist to the story. The Post reports that under the Plaza's marble facade, there's s a 'brewing crisis': More than half the luxury retail tenants want to negotiate lower rents.
Not exactly surprising—tenants are doing this all over the city. But apparently, the Plaza's owners aren't open to renegotiation. "If the brewing crisis isn't resolved within the next 90 days, the exit of a few cash-strapped tenants could spur a 'domino effect,' according to one source close to the situation. 'All you need is for one or two of them to go dark,' the source told The Post." Domino effect? That sounds terrible!
· Pain in the Plaza [NYP]
· Racked Recap 2008: Worst New Retail Stretch [Racked]
· Vanity Fair Airs the Plaza's Dirty Laundry [Racked]